(From left) MD,VDMA India, Rajesh Nath; MD, Foreign Trade Division-VDMA Frankfurt, Ulrich Ackermann; President, VDMA Germany, Dr Reinhold Festge; Secretary, Department of Heavy Industry& Public Enterprises, Government of India, Girish Shankar; Deputy Consul General of the Federal Republic of Germany in Mumbai,Gabriele Boner at the inaugral ceremony.)
Recently the Indian wing of VDMA (German Engineering Federation) hosted its 5th Mechanical Engineering Summit. About 250 participants constituting mainly the German companies in India (VDMA members) attended the event. During the Summit, Secretary, Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry, Girish Shankar said presently the Indian manufacturing sector accounts 16 percent of the GDP and by 2022 is slated to increase to 25 percent creating more jobs. Welcoming GST as the biggest reform in Indian tax history, Managing Director, VDMA India, Rajesh Nath stated that India will witness a growth of 7.9 percent by 2018. In sync, Deputy Consul General of the Federal Republic of Germany, Mumbai, Gabriele Boner mentioned that India is a favoured investment destination for German companies. Wrapping up the inaugural session, President VDMA, Dr Reinhold Festge emphasized on the importance of easing three areas: GST, land ownership and Free Trade Agreement to draw more investments from German companies to India.